国家创新体系、股权结构与我国上市公司研发投入

本文采用2005-2016年我国8311家主板和中小板上市公司数据,实证检验了国家创新体系对企业研发投入的影响以及股权结构的调节效应,结果显示:国家创新体系对滞后一年的上市公司企业R&D投入会产生积极的影响;股权集中度(第一大股东持股比例)越高,企业R&D投入越低;而股权制衡度(第二大与第一大的股东持股之比)越高,则企业R&D投入也越高;更为重要的是,股权集中度会削弱国家创新体系对企业R&D投入的积极影响,而股权制衡度则不会调节上述两者之间的关系。因此,为实现"创新型国家"战略,不仅要完善国家创新体系,还要深入公司股权结构改革以减少"一股独大"的负面影响。为促进企业创新能力,深化股权改革和改进创新体系均是必要的措施和手段。

This paper investigated the impact of NIS （National Innovation System） on R＆D with a pooled data sample of the 8311 Ashare listed companies for the period 2005-2016. The result showed that there was a significantly positive relationship between the NIS and the next-year R＆D input of listed companies, and then the ownership of first large stakeholder was the moderator of the relationship between NIS and the R＆D input of A-share listed companies, but the ownership balance was not the moderator of the relationship between NIS and the R＆D input of listed companies. In order to realize the strategy of an innovative country, the government should improve the NIS and deepen the reform of corporate ownership structure in order to reduce the negative impact of the first shareholder. In order to promote the innovation ability of enterprises, deepening the equity reform and improving innovation system are necessary measures and means.